2023-12-31-accounts - Free School Charity

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FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

Charity Number 1001761

TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED

31 DECEMBER 2023

H. L. BARNES

───────────────────────────────── C H A R T E R E D A C C O U N T A N T S

STRATFORD-UPON-AVON

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED

31 DECEMBER 2023

I N D E X

	Pages
Trustees’ Report	1 - 3
Report of the Independent Examiner	4
Receipts and Payments Account	5
Statement of Assets and Liabilities	6
Notes to the Accounts	7 - 10

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The registered Charity Number is 1001761. The current scheme governing the Charity was approved by the Charity Commission on 18 July 1990 and was constructed from the following :

The Free School Foundation which was regulated by a scheme made by the Board of Education on 18 March 1938.
The Ecclesiastical Charity which was constituted by an Order made by the Charity Commissioners on 1 May 1906 and administered thereunder upon the trusts set out in a scheme of the Commissioners of the 28 July 1863.

The Charity also includes the following :

The Old Church of England School and School House Trust which was transferred by a scheme of the Charity Commission dated 16 May 1997.
The Brailes Institute, Lower Brailes which was transferred by a scheme of the Charity Commission dated 23 July 2003.

HISTORY AND OBJECTIVES OF THE SCHEME

The origins of the Charity date back to 1433 when Richard Neville, Earl of Warwick, established a Free School in the village of Brailes. The funds of the Charity have been received from several sources over many years, but the main purpose of the Scheme has remained unchanged. The Scheme was revised by the Charity Commissioners in 1990 to enable it to serve the current needs of the Parish of Brailes, whilst retaining the original aims of the earlier endowments.

The Charity has the following activities and objectives :

To manage and maintain the Free School and Institute in Lower Brailes.
These properties are to be used for the furthering of religious, charitable and other philanthropic works in the Parish of Brailes and also for the provision of social events and welfare activities for young people living in Brailes.
To manage and invest the monies of the Charity.

The income derived by the Charity is used first to maintain and insure the property of the Charity and then to pay the expenses of management of the Charity.

The excess of the income over the expenses of maintaining the properties of the Charity and the expenses of management is then to be used as follows :
a) The Trustees are to calculate the income for ecclesiastical purposes. The income is to be a sum between two fifths and one half of the annual income after deducting the expenses of (2) above. This income is to be paid to the Parochial Church Council of Brailes for the maintenance and repair of the Parish Church and the maintenance of services therein. The Trustees have the option of establishing and maintaining a Church Extraordinary Repair Fund.

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

HISTORY AND OBJECTIVES OF THE SCHEME (CONTINUED)

b) The balance of the income is then to be applied for the promotion of education.
The Trustees are able to :
i) make grants to the Brailes Church of England School;
ii) make grants to individuals under the age of 25 years who are residents of Brailes or whose parents are resident in Brailes and who are in need of financial assistance for their education or vocational training;
iii) provide (in the interests of social welfare) for recreation, social and physical training in the Parish for persons under the age of 25 years.

REVIEW OF THE ACTIVITIES FOR THE YEAR

The Charity has continued to carry out its objectives. The total Unrestricted Fund receipts for the year have increased to £51,650 (2022 : £47,730).

The Trustees have distributed grants and other payments from the Unrestricted Fund totalling £42,734 (2022 : £31,539) as detailed in the Receipts and Payments Account.

The excess of payments over receipts on the Unrestricted Fund for the year was £2,326 (2022 : excess of receipts over payments £10,395) and this has been retained in the Unrestricted Fund.

RESERVES POLICY

The reserves comprise the Unrestricted Fund which has accumulated from the excess of income over payments and the Capital Fund which has accumulated from fixed assets and endowments received. The income from both funds is allocated to unrestricted income to enable the charitable objectives to be carried out.

It is the Trustees’ view that it is prudent to ensure that there are sufficient free reserves to provide financial stability for the Charity.

TRUSTEES

The Trustees who have served throughout the year are :

The Reverend George Heighton Ex-officio Trustee Mr Brett Hay Co-optative Trustee Mr Martin Cole Nominated by Brailes Parish Council Mrs Glenda Woods Nominated by Warwickshire County Council Mr Tim Rimell Nominated by the Vicar and Churchwardens Mrs Katie Haycock Nominated by the Vicar and Churchwardens

PRINCIPAL OFFICE

The principal office of the Charity is Burnt Orchard, Upper Brailes, Banbury, Oxon OX15 5AT

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

OTHER PRINCIPAL ADVISERS

The bankers for the Charity are HSBC Bank plc, Stratford upon Avon, Warwickshire and Lloyds Bank plc, Shipston on Stour, Warwickshire.

The main investments and deposit accounts are held with the CBF Church of England, 80 Cheapside, London EC2V 6DZ, COIF Charity Funds, CCLA Investment Management Limited, 80 Cheapside, London EC2V 6DZ, M & G Investments Charifund and Schroders Limited Charity Multi-Asset Fund.

For and on behalf of the Trustees of Brailes Free School Foundation:

……………………………………………………. The Reverend G Heighton fertf Chairman of Trustees

23 May 2024

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to 10.

Responsibilities and basis of report

As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect :

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

H E Bowen ACA Chartered Accountant H. L. Barnes Barclays Bank Chambers Stratford upon Avon

23 May 2024

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

	Notes	Unrestricted	Capital	Total funds	Total funds
		fund	fund	2023	2022
		£	£	£	£
Receipts
Income from property	2	4,413	-	4,413	2,405
Investment income	3	47,237	-	47,237	45,325
		──────	──────	──────	──────
Total receipts		51,650	-	51,650	47,730
		──────	──────	──────	──────
Payments
Management and property
maintenance	4	11,242	-	11,242	5,796
		──────	──────	──────	──────
Total payments		11,242	-	11,242	5,796
		──────	──────	──────	──────
Surplus after expenses of
management and property
maintenance		40,408	-	40,408	41,934
		──────	──────	──────	──────
Charitable activities:
Grants	5	42,596	-	42,596	31,369
Purchase of bibles		138	-	138	170
		──────	──────	──────	──────
Total charitable payments		42,734	-	42,734	31,539
		──────	──────	──────	──────
(Net payments over receipts) /
net receipts over payments		(2,326)	-	(2,326)	10,395
Total cash funds brought forward		105,387	3,798	109,185	98,790
		──────	──────	──────	──────
Total cash funds carried forward		£ 103,061	£ 3,798	£ 106,859	£ 109,185
		══════	══════	══════	══════

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

STATEMENT OF ASSETS AND LIABILITIES

AS AT 31 DECEMBER 2023

	Notes	Unrestricted	Capital	Total funds	Total funds
		fund	fund	2023	2022
		£	£	£	£
Cash funds:
Central Board of Finance:
Capital deposit account		-	3,798	3,798	3,798
General deposit account		81,898	-	81,898	67,807
HSBC Bank plc current account		17,620	-	17,620	33,922
Lloyds Bank plc treasurers account		3,543	-	3,543	3,658
		──────	──────	──────	──────
Total cash funds		103,061	3,798	106,859	109,185
		──────	──────	──────	──────
Investment assets:
Fixed assets	6	-	10,000	10,000	10,000
Charities Official Investment Fund	7	-	23,078	23,078	23,078
Central Board of Finance:
Investment Fund	7	-	36,678	36,678	36,678
Investment Fund - Old School	7	-	71,884	71,884	71,884
Investment Fund - Fixed Interest	7	-	94,466	94,466	89,473
UK Equity Fund (General)	7	50,000	-	50,000	50,000
M & G - Charifund	7	50,000	340,000	390,000	390,000
Schroders - Charity Multi-Asset Fund	7	-	100,000	100,000	100,000
		──────	──────	──────	──────
Total investment assets		100,000	676,106	776,106	771,113
		──────	──────	──────	──────
		──────	──────	──────	──────
Total Charity funds		£ 203,061	£ 679,904	£ 882,965	£ 880,298
		══════	══════	══════	══════

Approved on behalf of the Trustees :

.................................................................... fertf

The Reverend G Heighton

23 May 2024

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of accounting

A receipts and payments account has been prepared as this is considered by the Trustees to provide a clear indication of the movement of funds of the Charity for the year.

Fixed assets

The property at 2 Friars Lane was gifted to the Trust many years ago. The Trustees have capitalised at £10,000 the property that is subject to tenancy at its estimated value to the Trust.

No depreciation is provided on this asset as the market value of the property is considered to be higher than the value at which the asset has been capitalised.

Capital Fund investments

The investments are stated in the statement of assets and liabilities at the lower of their cost or market value. The realised gain or loss arising on the disposal of an asset is added to or deducted from the capital fund.

Investment income

The investment income and interest arising from all bank accounts, building society accounts, deposits with the Central Board of Finance of the Church of England, investments and all other deposits are credited to the General Fund to be used for the expenses of management, ecclesiastical purposes or the promotion of education.

2.	INCOME FROM PROPERTY	INCOME FROM PROPERTY	2023	2022
			£	£
Rents: 2 Friars Lane			2,030	1,885
Use of Free School			757	520
Institute rent			1,623	-
Wayleave			3	-
			─────	─────
			£ 4,413	£ 2,405
			═════	═════
3.	INVESTMENT INCOME
Dividends:		CBF investments	11,660	12,106
		COIF	2,148	2,140
		M & G Charifund	26,626	25,848
		Schroders Multi-Asset Charity Fund	4,372	4,328
Interest:		CBF general deposit account	2,311	853
		CBF capital deposit account	120	50
			─────	─────
			£ 47,237	£ 45,325
			═════	═════

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

4.	MANAGEMENT AND PROPERTY		2023		2022
	MAINTENANCE COSTS
		£	£	£		£
Clerk’s honorarium			250			250
Bank charges			84			83
Expenses re 2 Friars Lane:
	Insurance	315		303
	Repairs and maintenance	2,367		-
		─────		─────
			2,682			303
Expenses re Free School:
	Caretaking	1,427		1,100
	Heat and light	2,671		389
	Insurance	373		649
	Rates	355		422
	Repairs and maintenance	216		160
		─────	5,042	─────		2,720
Expenses re Brailes Institute:
	Insurance	451		649
	Rates	180		123
	Institute survey	1,785		900
		─────	2,416	─────		1,672
Governance costs:
	Accountants’ fee		768			768
			─────		─────
			£ 11,242		£	5,796
			═════		═════
5.	GRANTS
St Georges, Brailes			20,000		18,000
Individuals			500			-
Brailes Primary School			21,616			550
Brailes Village Hall Play Area			-		12,000
Brownies, Guides and Rangers			480			819
			─────		─────
			£ 42,596		£ 31,369
			═════		═════

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSETS

The assets of the Charity comprise :

a) The land with the building thereon known as the Brailes Free School and the Brailes Institute. These properties have been appropriated by the Trustees to be used for furthering religious works by the Church of England, providing social welfare activities for young people resident in the Parish of Brailes and other charitable and philanthropic activities. The Trustees do not have the power to sell the properties without the approval of the Charity Commission and therefore the assets have not been capitalised.
b) The land with the buildings thereon known as 2 Friars Lane. This property is currently let under a Rent Act protected tenancy.

7. INVESTMENTS		Market	Market
	Cost	value at	value at
		31 December	31 December
		2023	2022
	£	£	£
Charities Official Investment Fund
Balance at 1 January 2023 and
at 31 December 2023	23,078	78,246	71,661
	──────
Central Board of Finance Investment Fund
Balance at 1 January 2023 and
at 31 December 2023	36,678	100,505	91,862
	──────
Central Board of Finance Investment Fund -
Old School Fund
Balance at 1 January 2023 and
at 31 December 2023	71,884	181,306	165,715
	──────
Central Board of Finance Fixed Interest
Security Fund
Balance at 1 January 2023 and
at 31 December 2023	100,000	94,466	89,473
	──────
Central Board of Finance UK Equity Fund
Balance at 1 January 2023 and
at 31 December 2023	50,000	57,755	52,199
	──────	──────	──────
Carried forward	281,640	512,278	470,910

FREE SCHOOL CHARITY

working title BRAILES FREE SCHOOL FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7. INVESTMENTS (CONTINUED)		Market	Market
	Cost	value at	value at
		31 December	31 December
		2023	2022
	£	£	£
Brought forward	281,640	512,278	470,910
M & G - Charifund
Balance at 1 January 2023 and
at 31 December 2023	390,000	446,878	457,632
	───────
Schroders - Charity Multi-Asset Fund
Balance at 1 January 2023 and
at 31 December 2023	100,000	107,059	105,427
	───────	───────	───────
TOTAL INVESTMENTS AT
31 DECEMBER 2023	£ 771,640	£ 1,066,215	£ 1,033,969
	═══════	═══════	═══════